Constellation Energy Corporation (CEG) is the nation's largest producer of clean, emissions-free energy, with a diverse generation portfolio that includes nuclear, wind, solar, hydroelectric, and lower-carbon natural gas assets . The company operates through five reportable segments: Mid-Atlantic, Midwest, New York, ERCOT, and Other Power Regions, which include New England, South, West, and Canada . CEG's primary products are power sales and natural gas sales, with power sales further disaggregated by geographic region . The company also engages in wholesale and retail sales of natural gas, energy-related sales in the United Kingdom, and other energy-related products and sustainable solutions, although these activities are not significant to the overall results of operations .
- Power Sales - Provides electricity to distribution utilities, municipalities, cooperatives, and various customer segments across multiple geographic regions.
- Mid-Atlantic - Delivers power in the Mid-Atlantic region.
- Midwest - Supplies electricity in the Midwest region.
- New York - Offers power solutions in the New York area.
- ERCOT - Serves the Electric Reliability Council of Texas (ERCOT) region.
- Other Power Regions - Includes power sales in New England, South, West, and Canada.
- Natural Gas Sales - Engages in the wholesale and retail sales of natural gas to various markets.
- Energy-Related Products and Sustainable Solutions - Offers additional energy-related products and sustainability solutions, including activities in the United Kingdom, though these are not significant to the overall operations.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Bryan C. Hanson Executive | EVP and Chief Generation Officer | None | Leads CEG's generation operations; previously EVP and Chief Generation Officer at Exelon Generation; extensive experience in nuclear operations. | |
Daniel Eggers Executive | EVP and CFO | None | CFO of CEG since 2022; previously CFO of Exelon Generation and SVP of Corporate Finance at Exelon; expertise in corporate finance and investor relations. | |
David Dardis Executive | General Counsel and Chief Legal Officer | None | Oversees legal and policy matters; key contributor to regulatory strategies; joined Exelon in 2007 and transitioned to CEG in 2022. | |
James McHugh Executive | EVP and Chief Commercial Officer | None | Leads commercial operations; focuses on clean energy solutions and sustainability products; previously EVP and Chief Commercial Officer at Exelon Generation. | |
Joseph Dominguez Executive | President and CEO | None | CEO of CEG since 2022; previously CEO of Exelon Generation and ComEd; extensive experience in energy generation and regulatory affairs. | View Report → |
Kathleen Barrón Executive | EVP and Chief Strategy Officer | None | Oversees strategy, public policy, sustainability, and corporate development; key advocate for nuclear energy policies; joined CEG in 2022 after roles at Exelon. | |
Matthew Bauer Executive | SVP and Controller (Principal Accounting Officer) | None | Senior Vice President and Controller; no additional biographical details available. | |
Michael R. Koehler Executive | EVP and Chief Administration Officer | None | Oversees administrative and digital transformation initiatives; previously Chief Information and Digital Officer at Exelon. | |
Admiral John M. Richardson Board | Director | Director at Boeing, BWX Technologies, SparkCognition Government Systems, and Center for New American Security | Former Chief of Naval Operations; expertise in nuclear oversight and operational excellence. | |
Ashish Khandpur Board | Director | President and CEO of Avient Corporation; Dean's Advisory Board at University of Minnesota | CEO of Avient Corporation; expertise in engineering, innovation, and global operations. | |
Bradley M. Halverson Board | Director | Director at Sysco Corporation, Lear Corporation, and Satellogic, Inc.; Trustee at Easterseals Central Illinois Foundation | Former CFO of Caterpillar Inc.; expertise in accounting, corporate finance, and strategy. | |
Charles L. Harrington Board | Director | Director at J.G. Boswell Company, JBT Corporation, and Korn Ferry; Board Member at Cal Poly Foundation | Former CEO of Parsons Corporation; expertise in operations, finance, and strategy. | |
Dhiaa Jamil Board | Director | Trustee at Duke Energy Foundation; Chair of UNC Charlotte EPIC Advisory Board | Former COO of Duke Energy; extensive experience in nuclear energy and operations. | |
Eileen Paterson Board | Director | Director at Marathon Petroleum Corporation and Woodward, Inc. | Former CEO of Aerojet Rocketdyne; expertise in aerospace, defense, and governance. | |
Julie Holzrichter Board | Director | COO at CME Group; Board Member at National Futures Association | COO of CME Group; expertise in operations, financial management, and technology; joined CEG board in 2022. | |
Nneka Rimmer Board | Director | Director at Energizer Holdings, Wellness Pet LLC, and Wheel Pros LLC | Former President at McCormick & Company; expertise in M&A and global growth. | |
Peter Oppenheimer Board | Director | Director at Goldman Sachs (Chair of Audit Committee) | Former CFO of Apple; expertise in financial management and corporate strategy. | |
Robert J. Lawless Board | Chairman of the Board | Director at Operation Walk Canada, Teen Challenge Canada, and Habitat for Humanity | Former CEO of McCormick & Company; expertise in governance, strategy, and operations. | |
Yves C. de Balmann Board | Director | Executive Partner at Bridge Growth Partners; Director at ESI Group | Extensive experience in finance, risk management, and M&A; served on Exelon board for over 10 years. | |
Laurie Brlas | Former Board Member | Director at Albemarle Corporation, Graphic Packaging Holding Company, and Autoliv, Inc. | Resigned from CEG board effective December 31, 2024; previously Chair of Audit & Risk Committee. |
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With the recent FERC ruling rejecting Talend's ISA and the need for regulatory clarity on colocation, how confident are you in resolving these issues quickly to capitalize on the increasing demand from data economy customers, and what specific steps are you taking to address potential delays?
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Given that you expect 13% compounded growth through the end of the decade backed by federal support, can you elaborate on how potential capacity market challenges and delays in PJM auctions might impact your growth projections and strategic plans?
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As you have limited additional nuclear uprate capacity and high customer interest, how do you plan to manage the scarcity of this resource to maximize value without compromising on customer relationships or broader strategic objectives?
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With the emphasis on both front-of-the-meter and behind-the-meter solutions for data centers, how are you addressing the transmission configuration challenges and ensuring speed to market, especially in zones with potential transmission constraints like ComEd and PECO?
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Considering the reliance on capacity markets to incentivize demand response and new generation, how are you mitigating risks associated with potential market reforms, delayed auctions, and regulatory uncertainties that could hinder your ability to meet the growing power demand from electrification and the data economy?
Research analysts who have asked questions during Constellation Energy earnings calls.
David Arcaro
Morgan Stanley
7 questions for CEG
Jeremy Tonet
JPMorgan Chase & Co.
4 questions for CEG
Paul Zimbardo
Jefferies Financial Group Inc.
4 questions for CEG
Shahriar Pourreza
Guggenheim Partners
4 questions for CEG
Steve Fleishman
Wolfe Research, LLC
4 questions for CEG
Steven Fleishman
Wolfe Research
3 questions for CEG
Andrew Weisel
Scotiabank
2 questions for CEG
Angie Storozynski
Seaport Research Partners
2 questions for CEG
James West
Evercore ISI
2 questions for CEG
Sophie Karp
KeyBanc Capital Markets Inc.
2 questions for CEG
Agnieszka Storozynski
BofA Securities
1 question for CEG
Durgesh Chopra
Evercore ISI
1 question for CEG
Jeremy Tunnett
JPMorgan Chase & Co.
1 question for CEG
Nicholas Campanella
Barclays
1 question for CEG
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Calpine Corporation | 2025 | Constellation Energy Corporation is acquiring Calpine via a cash and stock transaction—50 million new common shares, $4.5 billion in cash, and assuming about $12.7 billion in net debt—resulting in a total transaction value of approximately $16.4 billion and an enterprise value of $26.6 billion. The deal strategically enhances Constellation’s clean energy portfolio by combining its carbon-free energy production with Calpine’s low-emission assets, and is subject to several regulatory approvals as well as potential divestitures and a termination fee. |
NRG South Texas LP | 2024 | Constellation acquired a 44% undivided ownership interest in the 2,645 MW dual-unit South Texas nuclear plant (renamed Constellation South Texas, LLC) for a net cash price of $1.65 billion. This acquisition, which aligns with its clean energy operations, involved resolving litigation through a settlement that adjusted ownership stakes and included the transfer of decommissioning trust funds. |
EDF’s Interest in CENG | 2021 | Generation exercised a put option to acquire EDF’s 49.99% equity interest in CENG for a net purchase price of $885 million, including adjustments such as a $288 million deferred tax liability. The acquisition, requiring FERC and NYPSC approvals, led to full ownership of CENG and its subsequent declassification as a Variable Interest Entity. |
Recent press releases and 8-K filings for CEG.
- Delivered Q3 GAAP EPS of $2.97 and adjusted EPS of $3.04 (up $0.30 YoY), supported by higher generation volumes and a 96.8% nuclear fleet capacity factor.
- Narrowed FY 2025 standalone adjusted EPS guidance to $0.905–0.945 per share; combined company guidance (including Calpine) to be provided on the Q4 call.
- Calpine acquisition remains on track for Q4 close pending DOJ approval, resulting in $14 billion of pro forma liquidity post-closing.
- Secured a 50-year Conowingo Dam operation agreement in Maryland and progressing front-of-the-meter PPAs with hyperscalers, with deals nearing completion.
- Delivered Q3 GAAP EPS of $2.97 and adjusted operating EPS of $3.04, up $0.30 year-over-year
- Achieved fleet-wide nuclear capacity factor of 96.8%, renewable capture at 96.8%, and gas dispatch match at 95.5% in the quarter
- Narrowed 2025 standalone adjusted operating EPS guidance to $905–$945 per share, excluding any Calpine impact
- Calpine acquisition remains on track; combined guidance and modeling tools due on the Q4 call, and the deal will leave the company with $14 billion of liquidity post-close
- Advancing data economy and demand response initiatives with front-of-meter PPAs in late stages and a pipeline targeting 1,000 MW of demand response capacity by upcoming auctions
- Constellation reported Q3 2025 GAAP EPS of $2.97 and Adjusted Operating EPS of $3.04, up from $2.74 in Q3 2024.
- Narrowed its full-year 2025 standalone Adjusted Operating Earnings guidance range to $9.05–$9.45 per share.
- Reached a historic 50-year settlement with Maryland for Conowingo Dam and filed for expedited permitting of up to 1,500 MW to support reliability.
- Nuclear fleet ran at nearly full power, achieving a 96.8% capacity factor and producing 42 TWh of emissions-free electricity in Q3.
- Calpine acquisition remains on track to close in Q4 2025, enhancing its growth profile.
- Constellation delivered GAAP EPS of $2.97 and adjusted operating EPS of $3.04, both above Q3 2024 results.
- Full-year standalone adjusted operating earnings guidance narrowed to $905–$945 per share, excluding impacts from the Calpine acquisition.
- The Calpine transaction is on track to close in Q4 pending DOJ approval, with no shutdown-related delays, adding coast-to-coast generation capabilities.
- Post-close liquidity is expected to be $14 billion, supported by renewed and upsized credit facilities and an investment-grade rating.
- Operational growth initiatives include a 50-year Conowingo Dam agreement, 835 MW Crane restart, 160 MW Byron/Braidwood uprates, and a 1,000 MW AI-enabled demand response pipeline.
- Conowingo Dam settlement: Reached agreement with Maryland regulators securing water quality certification, clearing the way for relicensing and continued operation of the Conowingo hydroelectric facility.
- Earnings: GAAP net income of $930 million ( $2.97 EPS) and adjusted operating earnings of $952 million ( $3.04 EPS) in Q3 2025, versus $1,200 million ( $3.82 EPS) and $860 million ( $2.74 EPS) in Q3 2024.
- Nuclear performance: Produced 46,477 GWh with a 96.8% capacity factor in Q3 2025, up from 45,510 GWh and 95.0% in Q3 2024.
- Fleet operations: Gas and pumped storage dispatch match rate was 95.5% (vs. 98.2% in Q3 2024) and renewable energy capture was 96.8% (vs. 96.0%).
- Constellation Energy reported GAAP net income per share of $2.97, down from $3.82, and adjusted operating earnings per share of $3.04, up from $2.74 in Q3 2024.
- The company narrowed its full-year 2025 adjusted operating earnings guidance range to $9.05–$9.45 per share.
- The Conowingo hydroelectric facility received a water quality certification from the Maryland Department of the Environment, clearing the way for re-licensing and continued operations.
- The nuclear fleet generated 46,477 GWh in Q3 2025, with a 96.8% capacity factor (excluding Salem and STP), compared to 45,510 GWh and 95.0% in Q3 2024.
- Net Income of $60 million and Adjusted EBITDA of $385 million in Q3 2025; Cash from Operating Activities totaled $225 million and CAFD was $166 million.
- 2025 CAFD guidance narrowed to $420 million–$440 million, and 2026 CAFD guidance set at $470 million–$510 million.
- Signed binding agreement to acquire a 613 MW operational solar portfolio, with a net capital commitment of $210 million–$230 million, expected to close in H1 2026.
- Raised $50 million through Class C equity issuances and identified over 2 GW of growth opportunities for 2026/2027 COD via sponsor-enabled drop-downs and repowerings.
- Constellation Energy, Maryland’s largest energy generator, proposes a 5,800 MW power generation and battery storage plan to meet rising electricity demand.
- Near-term projects include battery storage and natural gas additions, potentially covering over 5% of peak load and increasing capacity by about 10%.
- Longer-term plans explore adding 2,000 MW of next-generation nuclear capacity at Calvert Cliffs, along with upgrades and federal license extensions for existing reactors.
- The investments aim to lower utility bills and support clean, lower-carbon energy without raising rates; CEO Joe Dominguez noted over $1 billion already invested in Maryland’s wind, hydro, and nuclear resources.
- Constellation offers a portfolio of up to 5,800 MW of new power generation and battery storage to meet Maryland’s rising electricity demand and lower bills.
- Near-term projects include up to 800 MW of battery storage and over 700 MW of natural gas-fired units, plus potential to extend 350 MW of peak plants, all without rate increases for customers.
- Longer-term plans encompass up to 4,000 MW of nuclear investments—relicensing Calvert Cliffs for another 20 years (~2,000 MW), a 10% uprate (190 MW), and exploring 2,000 MW of new advanced nuclear capacity.
- These initiatives aim to raise Maryland’s clean energy share from just over 50% to about 70%, leveraging PJM’s competitive market and requiring enabling legislation.
- Constellation’s Calpine subsidiary has added 210 MW to the initially announced 190 MW, completing a 400 MW Powered Land agreement to serve a new CyrusOne data center at Thad Hill Energy Center; expected operational by Q4 2026
- The deal enables coordinated generation output management to enhance grid reliability during supply scarcity, while delivering significant financial benefits to Texas communities
- Calpine’s Powered Land Capabilities reinforce its leadership in providing reliable, scalable power solutions for hyperscale customers, underpinning future large-load projects